周度策略：出台地产政策组合拳，市场风险偏好抬升

Group 1 - The report highlights that social consumption remains resilient, with retail sales in April growing by 2.3% year-on-year, although this represents a decline of 0.8 percentage points compared to March. Excluding automotive sales, retail sales increased by 3.2% [2][29] - Automotive consumption saw a year-on-year decline of 5.6%, with the drop widening by 1.9 percentage points compared to the previous month. However, the retail volume of new energy passenger vehicles grew by 28.2%, indicating a strong growth trend in this segment [2][29] - The overall consumer market is expected to achieve high-quality development as policies such as "trade-in" are implemented and household incomes gradually improve [2][29] Group 2 - The report discusses the introduction of a comprehensive set of real estate policies aimed at stabilizing investment and boosting domestic demand. The central bank has reduced the minimum down payment ratio for housing loans by 5 percentage points, with the minimum down payment for first-time homebuyers now at 15% and for second homes at 25% [3][15][17] - Real estate development investment has seen a year-on-year decline of 9.8%, with residential investment down by 10.5%. The area of new housing starts has decreased by 24.6%, and the area of completed housing has dropped by 20.4% [12][25] - The report indicates that the real estate market's weakness is significantly dragging down overall economic growth, but the newly introduced policies are expected to stabilize real estate investment and support economic recovery [17][26] Group 3 - The report notes that the U.S. Consumer Price Index (CPI) has decreased, leading to earlier expectations for interest rate cuts. The April CPI rose by 3.4% year-on-year, down from 3.5% in March, with core CPI also declining to 3.6%, the lowest since April 2021 [17][34] - The report suggests that as domestic favorable policies are implemented, market risk appetite is likely to increase, with recommendations to focus on sectors such as technology (computers, communications, electronics, media), non-ferrous metals, and non-bank financials [17][26]